Rackspace Technology (NASDAQ:RXT) EVP Dharmendra Kumar Sinha Sells 59,322 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 59,322 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $1.01, for a total value of $59,915.22. Following the transaction, the executive vice president owned 2,509,573 shares of the company’s stock, valued at $2,534,668.73. This trade represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Dharmendra Kumar Sinha also recently made the following trade(s):

• On Friday, November 28th, Dharmendra Kumar Sinha sold 91,151 shares of Rackspace Technology stock. The stock was sold at an average price of $1.04, for a total transaction of $94,797.04.

Rackspace Technology Stock Performance

NASDAQ RXT opened at $1.04 on Thursday. The firm has a market cap of $252.12 million, a price-to-earnings ratio of -0.95 and a beta of 2.13. The firm has a 50 day simple moving average of $1.35 and a 200-day simple moving average of $1.31. Rackspace Technology, Inc. has a one year low of $0.97 and a one year high of $3.03.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $671.20 million for the quarter, compared to analyst estimates of $666.83 million. Rackspace Technology’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) earnings per share. Rackspace Technology has set its Q4 2025 guidance at -0.050–0.030 EPS.

Institutional Trading of Rackspace Technology

A number of large investors have recently made changes to their positions in RXT. Quadrature Capital Ltd acquired a new position in Rackspace Technology during the second quarter worth approximately $26,000. Savant Capital LLC purchased a new position in Rackspace Technology during the 3rd quarter worth $33,000. Creative Planning increased its stake in Rackspace Technology by 114.2% in the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after purchasing an additional 13,708 shares during the period. R Squared Ltd raised its holdings in shares of Rackspace Technology by 74.3% in the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock valued at $35,000 after buying an additional 10,707 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Rackspace Technology during the first quarter worth about $40,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RXT. BMO Capital Markets lowered their target price on Rackspace Technology from $1.75 to $1.40 and set a “market perform” rating for the company in a research note on Tuesday, August 12th. Royal Bank Of Canada lowered their price objective on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating for the company in a research report on Monday, November 10th. Wall Street Zen raised shares of Rackspace Technology from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rackspace Technology has a consensus rating of “Reduce” and a consensus price target of $1.51.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.